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be said of fellow component bank of america. this has been marching right towards $20 where it hasn't been also since november 2008. both these companies were filled by the same sort, of that financial crisis. bank of america said to report before the bell, as well. we're looking for around 7:00 this morning for those numbers to come out. revenues of nearly $28 billion. and the shares, as we mentioned, they've been on a run, really pushing higher, up about 5% this week alone. coming up at 7:15 eastern time, we've got bank of america ceo brian noin na hamoynihan. because bank of america is the nation's largest bank, it tas talk to one of every two consumers. >> you're not doing business with bank of america? >> they bought my mortgage. >> but you don't -- that's not your bank? >> it's not where i have my deposits, but they own my mortgage, so i am doing business with them. >> well, then it's two out of two. >> but there's two other people at the table. maybe they have it. >> do you have bank of america? >> i think it's not bank of america. still, i have no deposits there and i don't know if
. >> hello, i'm larry kudlow. in our taxing america segment, we'll talk with welt for the common good. they want to repeal the tax and they say they want to pay their fair share. >> and i'm melissa francis, we'll talk live with the ceo of virgin america and get his take and, you guessed it, the baggage fees. we love it. this is "the call" on cnbc. >>> okay, well, here you go, not a great way for the earning season to start. alcoa missing its revenue forecast and wall street taking notice here. stocks falling with intel up next reporting after the bell this afternoon. the dow back below 11,000. take a look. but it has been creeping up just a little bit there. we're down 32 off the lows of the session down 0.3% there. s&p 500 also seeing some downside but, again, bouncing off the lows. the nasdaq in the red down 7 points and 25% loss there. oil is falling below that key 83 support level. that's one to take note of today. $82.72 per barrel right now. we want to head over to our pal bob pisani at the new york stock exchange. >> we're overalcoa. disappointment, but the big story is going t
in north america and not an asian story as it was north america. and dupont yesterday notably raised their guidance. trish, back to you. >> yes, they did. thank you, bob pisani. >>> well, the stocks tacked on more gains after the fed announced it would kitsch raeep unchanged, but how long should the fed spur along here? what is ahead for your money? we will get more from david kelley, chief market strategist at jpmorgan funds, and then we also have michael yoshikami, president and chief investment strategist at ycm wealth investment strategies. so, i will begin with you, mr. kelley, what is your take on the european debt situation and how much of a problem for the u.s. markets? you saw not a big reaction on spain today, but you had greece and portugal cut yesterday, and we did see a bit of a sell-off. what is your take as we move forward? >> well, it is really a threat. i mean, what i worry about is the politics here. the reality is that greece is too big to fail. and, you know, i think that the reason we did not sell-off after spain is that people realized that the gains are almost
of a criminal probe here. s&p equity cut it to a sell and bank of america and merrill lynch cut it to a neutral this morning and see it down another 7% and all the other financials are weak here, as well. they're also concerned about any criminal porobes of any kind. finally, massey energy, third company here involved in difficulties here. there are reports of criminal investigation, i say reports regarding that mine explosion in west virginia that happened about three weeks ago. all of this weighing on the market. people don't know exactly what's going on. good news follow up on the home builders. generally orders have been improving here. horton 55% improvement overall in the net orders. that's an excellent metric and generally they have been improving. ryland one of the companies only disappointing. chevron same story here. higher oil prices have helped the upstream production but good news in chemical and even, larry, refining is starting to get better and you know what a disaster that has been for a while. >> investors are digesting a lot of important economic data today, manufacturing, co
." i'm maria bartiromo. the ticking time bomb inside america's economy. one man's fight against what he sees as a disaster waiting to happen, and his solution. my one-on-one with treasury secretary timothy geithner. >> you want to build a fire break around the fire. >> we'll talk financial reform, the state of the economy, and what the government doesn't want to do. plus, the ten lawses of enduring success. a preview of my new book with two men who have important less sons to teach. "the wall street journal report" begins right now . >> this is what's making news as we head into a new week on wall street. a crucial indicator of the strength of the economic recovery is out. the jobs number released by the labor department on friday. the economy created 162,000 jobs in the month of march. with the unemployment rate holding steady at 9.7%. that number includes 48,000 workers hired by the census bureau, slightly less than what analysts had expected. but the data overwall was positive. the pace of hiring was the fastest in the economy in almost three years. and job creation appears to have t
we have noticed here is the biggest financial names and the citigroups and the bank of americas and the goldman sachs are exhibiting the usual post earnings dip. we have seen a big move up going into last week and now weak the last several days partly due to goldman and partly due to financial reform and a lot of uncertainty. however, if you look at the financials, things are holding up until today. the regional banks, the big names have been sitting at 52-week highs until today when this is the first real day we are seeing the modest weak innocence all of the big names you see here. again, they have been trading on a simple idea of improving credit and fewer big losses on commercial real estate. speaking of commercial real estate, reits are hitting new highs. whether you are looking at vor n nado or boston properties or equity residential or macerich, and remember, there are several companies vying for control of the simon property group is there as well as some others vying for control of the company. we have seen excellent moving in the space overall. elsewhere tomorrow, we w
is capital equipment purchases, the retooling of america is what is going to drive the recovery. >> well, the retooling of america also takes time though, and that is a long-term job creation story, retooling. so what about the high sovereign debt toll in europe, and we will get the release from the federal budget for march coming out on monday, and more stories about debt, and obviously, hitting the tipping point where people are worried about the deficit. is that going to be an issue for the markets? what about sovereign debt? >> maria, if i can jump in on this, sovereign debt when it comes to the u.s. is the last place to worry about. tax receipts in fiscal 2009 fell 30%, and there is evidence that the tax receipts are growing at the state level, and 15 of the largest states in the country are seeing income tax receipts above expectations which means that the federal tax receipts are likely higher. i don't think that we have a debt problem, but there is a sovereign debt problem in europe that needs to be taken care of so it does not produce a contagion, but if it were that big of deal
and citigroup and all of the big names, bank of america, are weighing on the dow and weighing on the s&p 500 in fact, and it is at this point clear that financial reforms and the aftereffects of the goldman sachs' lawsuit is definitely weighing on the big cap financial names. today was also the very first day we saw some weak innocence some of the regional finance names which are not as affected by the whole issue surrounded by financial regulatory reform. nonetheless, the dow jones industrial average acting out a small 3-point increase. "closing bell" is next with maria bartiromo. >>> and it is 4:00 on wall street, and there's the closing bell. breaking news before we get to the show on what goldman sachs' lloyd blankfein will say tomorrow when he testifies to congress. mary thompson with the preview and the script. mary? >> maria, in his testimony before the senate subcommittee tomorrow, goldman sachs' ceo lloyd blankfein will say that the day that the s.e.c. filed fraud charges against the firm it is one of the worst in his professional life. he goes on the say that he strongly disagrees
season and should you buy shares of bank of america, ahead of the earnings report tomorrow? we have more on that coming up. >>> and also, byron weem says that the interim treasury yields are going much higher and let's not forget his surprises. we will have more on that. >>> and the google numbers will be broken down at the top of the the hour and we will give you investor reaction to it. stay with us. >>> all right. we are looking at a market that is deteriorating from the highs. the s&p 500 just turned negative and we have 25 minutes before the closing bell sounds. and the dow has given up a earlier rally and struggling to stay positive here as you can see from the chart. some of the banking stocks have rolled over. for example, bank of america is negative right now, and itas higher earlier. and jpmorgan and citigroup and american express, they, of course, are dow components. goldman sachs, also, negative right here. and nasdaq is also higher, but it, too, well off of the highs of the afternoon and we are waiting for google earnings, and that stock is off by .33%. that is showing a lev
's the beef? >> i'm sue herera. ford motors bill ford joins us on the importance of america's manufacturing sector and the need to go big when going green. >>> i'm dennis one year after ranking best in first quarter of '09. >>> twitter unveiled its business plan today, but is it anything to tweet home about? that's what's on julia borteen's menu. >> everybody is talking about twitter's long-awaited business plan. the retweets and now what is a retweet worth and will it work? >> julia, thank you very much. let's get straight away to the market action. bob pisani kicking it off for us that new york stock exchange. bob? >> we can't quite seem to hold that 11,000 level and keep slipping in and around it. the dollar right at the top and a bit of a dollar rally right in the middle of the day. vague rumors floating around that mr. bernanke might use that joint economic testimony tomorrow to remove that extended testimony language. it did move the dollar up and didn't dramatically hurt the stock market except some things like the commodities. precious metal stocks and they had a nice run up so all
to join the taliban. >>> and, kings of the court. duke just slip by america's favorite underdogs to become duke just slip by america's favorite underdogs to become ncaa top dogs. captions paid for by nbc-universal television >>> hello and good morning, i'm lynn berry. and today we begin with a devastating disaster. there are now at least 25 confirmed deaths, and four unaccounted for after an explosion ripped through a west virginia coal mine, in the worst u.s. mining disaster since 1984. a search has been halted for the four missing miners who would have enough food and water to survive for 96 hours, if they are alive and mobile. the explosion happened yesterday afternoon, about 30 miles south of charleston. the federal mine safety and health administration says miners were leaving on a vehicle that takes them in and out of the long shaft when the blast happened. now, the cause of the explosion is unknown. but the mine has a long history of frequent violations for not properly ventilating highly combustible methane gas. >>> later today, president obama is expected to announce new limits on
, that's all hours from now. the focus right now is you, me, and the rest of america getting those taxes done on time. lynn? >> tracy, don't remind us. >>> meanwhile, president obama will face a tough audience today when he heads to florida to outline his new policy for nasa. thousands of workers fear for their jobs with the space shuttle program scheduled to be grounded later this year, and some of the country's most high-profile astronauts are calling the president's plans, quote, devastating. >> reporter: after years as the home of america's space missions, today kennedy will host what is termed star wars. it's pitting some of the country's space pioneers against the president. >> we need to go once again where no man has gone before. there is no vision to this budget, no goal, no challenge. >> reporter: this week astronauts blasted president obama as he gets ready to announce its plans for na is for the future this afternoon. officials say that will include an extra $6 billion, some to be used to help lift a heavy-list rocket, capable of taking humans to mars. but it also eliminates
here's a look at some other stories making news early today in america. in indiana, news cameras captured a firefighter being knocked to the ground by an explosion which ripped his helmet off. the firefighter was attempting to extinguish flames in a minivan when he was hit by the blast. fortunately his injuries are not believed to be life-threatening. >>> in mississippi, four men are lucky to be alive after driving directly into the path of this oncoming tornado. one of the passengers captured the raging winds and rain on his cell phone only moments before the gusts flipped the car 30 yards through the air. thankfully, the guys sustained only minor injuries. amazing. >>> a kentucky man is under arrest after leading police on a dangerous chase which was captured by the police car's dash cam. the suspect injured an officer who was attempting to stop the car before spinning out and crashing into a police cruiser. the suspect is being held on several charges. >>> and in new hampshire, one farm is welcoming its tiniest new resident with big smiles. weighing only 6 pounds at birth, the
other stories making news today early today in america. new york police are asking for the public help asking for the identity four young women. two of the women distracted a store clerk while the others stuffed merchandise into their shopping bags. employees describe the suspects as very young, possibly high school or college students. >>> some 50 new jersey residents are out of house and home this morning after a massive fire ripped through two apartment buildings. firefighters say they had trouble getting blaze under control but amazingly there were no injuries. the cause is still under investigation. >>> in the florida keys costume competitors kicked up their three-inch heels this weekend at the annual drag race. dashing divas wheeled their way. racers were judged on speed and ability to stay on their feet. >>> and if you're a running in the boston marathon today, keep your eyes peeled for lisa, the last american man or woman to win the race. she's doing an anniversary race. 25 years. she coaches army athletes doesn't expect to win, she hopes her presence will provide a little inco
'll host a cnbc special report. "taxing america" a summit focused on solutions. tune in tomorrow. >>> and up next, our in-depth coverage of the american consumer continues today. sue is first with the first of our exclusive interviews with retail ceos. sue? >> thank you, ty. >> we'll talk to the ceo of the children's place. she took over in january and she has already put in place five key initiatives and it impressed wall street. the stock is moving and we'll talk to her after the break. geico's been saving people money and who doesn't want value for their dollar? been true since the day i made my first dollar. where is that dollar? i got it out to show you... uhh... was it rather old and wrinkly? yeah, you saw it? umm fancy a crisp? geico. fifteen minutes could save you fifteen percent or more on car insurance. at the same time, voilÀ, book your flight and hotel you could save up to 450 bucks. and that could come in pretty handy. where you book matters. expedia. >>> two factors pushing crude prices higher. 86.06. in addition, crude oil inventories fell unexpectedly last week
%. trish, over to you. >>> jpmorgan chief jamie dimon speaking out. bank of america, wells fargo, take a look, all trading up. jpmorgan chase really leading the pack. they're up better than 1%. excuse me, citigroup up 2%. mary thompson joins us with more on dimon's pretty strong words. >> this, of course, comes from the annual letter to shareholders and if you heard jamie dimon speak at the company's annual meeting all these words have a familiar ring. as he has for about the last year and a half, he defends his bank saying it and other healthy firms shouldn't be lumped in with other unhealthy banks. he encourages cooperation that it is necessary to avoid making the mistakes that lead to the financial crisis to avoid making those mistakes again. dimon uses a 36-page letter to point out in the current political environment, size has been demonized, writing capping the size of america's largest banks won't change the needs of big business and there aren't big u.s. banks to serve them, he warns these companies are going to turn to foreign banks. he also calls for a time-out saying we have
look at the american expresss and the bank of americas and there are weak spots in all of the financials. i want to point out deutsche bank which is another big player in the cdo space, and noticeable how much weak than the rest of the market, and goldman and citigroup down as well. and looking at the materials first. >> and some of the issues to stop you there, some of the traders i talked to theday said they question whether or not this is the tip of the iceberg, and that why you are seeing additional sell-off within some of the other big financial names. i mean, who knows at this point. >> we don't. but remember, there were not a lot of enormous players in this cdo space. there were several big names involved and we saw two of them that moved to the downside aggressively. i wanted to note that the materials were weak because the commodities fell apart at the same time and never really recovered here. again, this whole political part of this, and i can't emphasize this enough, it was a major issue on the street. the president came out and said that people who don't su
of the dow so far in 2010. let's get over to mary thompson now for the very latest on bank of america, the other dow reportee today. >> like jpmorgan, bank of america handling and beating street estimates. a record economy and strong sales behind the trade numbers as the much aligned merrill lynch acquisition continues to pay dividends for the bank. ceo brian moynihan had this to say about the quarter earlier today on "squawk box." >> well, i think our global banking and markets business, our investment banking business had a great quarter, and i think the other area i'd say is the credit sim proving. it's still way too high from our standards, but it is improving and both those are good news for our company. >> earnings of 28 cents a share were 17 cents ahead of estimates. five of the bank's six units, including the troubled credit card business, posted profits. still, net income declined to $3.2 billion from $4.2 billion last year as charge-offs for non-performing loans increased. on the plus side, the $9.8 billion set aside for future loan losses with $3.6 billion less than was set
for acquisitions. bank of america was the other big earnings report out today. it easily beat expectations. similar to j.p. morgan earlier in the week, b. of a.'s profit strength came from its investment banking business. shares of b.a.c. got swept up in the goldman story, and it did huge volume: more than 500 million shares, dropping more than 5%. the bank set aside less money for bad loans compared to last quarter. coming into today, the market focus was on google after last night's earnings, which failed to impress. the stock felt that, dropping to a three-week low on three times volume. all three of these stocks-- google, bank of america, and g.e.-- are popular u.s. stock mutual fund holdings. google is the eighth most widely held in funds. bank of america, number nine, and g.e. the 26th, according to morningstar. a couple of ports of shelter in today's storm: consumer stocks and health care. coca-cola stock headed higher. it has earnings tuesday. kellogg's results aren't due until the week after next. it saw buying on heavier than usual volume. in health care, boston scientific rallied after t
people trying to get out of these municipal bonds. >> dean, there are no failures in america. >> okay, larry. >> greece, portugal, spain, illinois, new york, new jersey, california. >> we can just continue to sweep this under the rug for as long as we want to. >> everybody's too big to fail in this country. you know that, my friend. >> we just print more, right, larry? >> print, bail out and whatever. government control. and then just to soak it all up -- >> we never actually have to pay these bills. >> we'll never pay them. we're just like europe. you we're going to have a value and a tax across the board. this is america. 21st century america. >> i think i'm going to move to bermuda. >> let me make a suggestion, then. >> pardon my cynicism. >> go ahead. real quick. we're going to go. make a suggestion. >> my suggestion is that you stick with someone like a franklin, some of the really big bond houses that have very big pulls. if you do have some defaults, the default rate is historically very low, but if you did have some your investors would be protected and those retirees could ge
over with one of america's biggest creditors, realigning the chinese currency. donald trump is saying we're looking like successors and beggars and joins us on the phone. you were on top of this chinese situation before really any prominent american executive. your big worry is they're taking us to the cleaners. >> i know china and many of the people in china and many of the big business people and they're laughing at us, they think we're stupid and our representatives are so stupid, they can't believe what they're get aig way with. they take our money, suck it out of us, we charge them virtually no tax and no tax and they loan it back to us and then they have our treasury bills and we say we have to be afraid of china because they have our treasury bills. the problem is we don't manufacture anything anymore. i bid furniture out on major project add i have six bids. every bit of furniture is being made from china. the one from america is more expensive because of the other problems that have been caused by us. so you know, if -- >> neil: why wouldn't you give the american company the
growth in north america, as well as europe. the important thing is there are all the major stocks from basic chemical group and dupont had excellent guidance and now you had dow chemical and dupont. finally on corning, a slightly different space. the important thing here, tv sales are improving around the globe and corning's numbers have been terrific and they talk about big global growth. they are essentially sold out on their glass business. that's what one analyst at bucking hm said this morning. >> thank you so much, bob pisani. >>> we have breaking news we want to go to a more than $7 billion utility takeover is in the works and our own david faber is reporting that ppl corporation is close to buying german unit eon. the company said it could neither confirm nor deny the report. ppl shares are moving lower, hitting a new 52-week low on the news right there. larry, over to you. >> thanks, trish. >>> europe's growing debt crisises putting pressure on policymakers to expand a bailout package beyond greece. the greek two-year note is trading at just about 18%. my goodness. cnbc's caro
, right? >> remember, if you're buying for 30 years and you believe in america, you still would buy a home. interest rates are very low. interest rates being low, you're buying it for very cheap. if you buy for five years can compare the cost of renting, you don't have any fees or roof repairs or taxes comparing to buying now for five years. >> not going to go up 20%. >> my crystal ball at least goes out five years unless you're getting an incredible deal. which if you work hard enough unlike in stocks, insider trading and real estate is condoned. >> if you're renting and you put an option to buy, that's my point. if you already need to rent, put an option to buy. >> thank you for joining us, we really appreciate it. >>> blackstone group and continental sinking today. >>> up next president obama near wall street this hour to make his case for overhauling our financial system. we'll head live to the cooper union in lower manhattan for cnbc special coverage. >>> welcome back, everyone. president obama in new york city at this hour preparing to go into the lion's den. he is getting ready to s
the people leading america's largest employers are making. mary thompson joins me. average ceo pay down to 9.53 million in '09. what does it say about u.s. business? >> it flekts some of the problems these companies had, but also says that maybe corporate boards are getting the message that investors want pay linked closely to performance. this is the second year in a row we've seen a decline. something a number of people might think is appropriate given the tough times we've had over the last two years. a little over 9.5 million is the average ceo pay. median pay declined as well. one thing in this survey is that one of the reasons for the decline in pay is the stock and stock option grants. eqilar basically valued them on the day they were issued. since then, we've seen a big rebound in the stock market coming off the march lows of 2009. that means these pay packages might look a lot richer today. >> thank you. let's compare those salaries to your salary. in the united states, the average per capita income is just a little more than $46,000. average taxes, 10% to 35% working 38.8 hours a w
in the united states. bank of america and general electric. but unlike you guys, our financials were lower yesterday, down 0.4%, consumer discretionary was stronger, though, and dow futures are down 24 below fair value at this hour. nasdaq down about 8 and s&p 500 down about 4. the dow ended at 11,144 yesterday. steve, over to you. >> greece has taken one step closer to an eu and imf bailout as it seeks talks on the bailout emergency package. the greece prime minister, george papandreou, sent letters to the imf looking to discuss a multi year program of economic policies. it confirms that the imf will be involved. a delegation will head to greece on monday. we're joining more for on this story in brussels is silvia wadhwa. sylvia, i think you're in madrid, aren't you? how difficult is it for you to work out what is going on in the court of powell? when will this money be activated? because the way the bond markets are going, it appears it has to be sooner rather than later. >> well, the funny thing is, we just spoke with the head of the euro group and luxembourg finance minute as sister as
international, and going to accelerate the growth of the company beyond north america. >> i want to ask you about the international story, because i know it is a good one. but are you saying that the traffic returned to the stores, and so that the earnings are coming out better than expected was not necessarily due to cost cutting, but end-market demand, is that what i hear you saying or still largely due to cost cuts? sgl >> well, it is not largely due to cost cutting, but we took out $600 millions of cost cuts, and getting leverage from the p&l, but the real story is comp store sales at 7%, and 3% traffic, and i think that given the headwinds of the economy and all of the things that other people are dealing with, the fact that starbucks has demonstrated such resiliency really does show the power of the brand, and then the other thing is that we demonstrated such value with the starbucks card, and the loyalty program, and we got a big boost from the new product i introduced on the floor with you which is starbucks via. >> yes, we talked about that when you introduced it, and i know it is
a look here as they lagged for the first time in i don't know how long. bank of america is reporting tomorrow, but it is important, because they are on the upside. and g.e., our parent, is reporting on the upside, and citi was hitting at $5 and over it, but fell down late in day. maybe some resistance there, and remember, we are getting the options expirations and a lot of option activity around the $5 strike. jpmorgan to the downside. and caterpillar, great economic data out of china, and the strong new high for caterpillar and the homebuilders on the mixed side, but they had a big move. finally, maria, we are waiting for and to come out, and we are waiting for the new data on that, but it is at a 52-week high. >> well, in the market found, we saw the market find some strength extending the winning streak to six days. is there still time to put more money to work? meanwhile, one money manager said earlier on cnbc, he thinks that the investors are in the midst of a unique opportunity. >> i think that it is a historic buying opportunity. the, we have got slack resources in the economy
opportunity ultimately. they're certainly going to look at other banks. bank of america, merrill lynch was a huge underwriter on this, so were the others. so some of these knock-on trades, people selling gold because they think paulson was involved in this and he's going to have to liquidate gold, are in my mind really overblown. >> you don't think it's a justifiable reason for investors to flee risk assets? >> i don't at all. we had earnings that were knocking the cover off the ball. bank of america turned a profit. we've got other guys coming up this week so we're right in the spate of earnings, big surprises. volatility, when we look at how is the market treating risk prior to this announcement, it was, you know, volatility was collapsing. we were talking about outright money coming in to the marketplace. volatility going to zero. and this market going to the moon. >> can regulators, can they overregulate? is it possible that this financial reform bill could go so far as to crimp the -- crimp wall street and to crimp, you know, the stock market in general? because long-term, i mean,
to help with the recapitalization of america. >> before i let you both go, one of the subjects we've been talking about a lot as you might imagine on this network is financial regulation and the moves in washington that will affect wall street and many, many businesses in your particular area of expertise. tell me what you think of what's pending now, mr. kruszewski and then you, mr. weisel. do you like what you see or not? >> i said on your show last week we do need financial services reform. i just don't think the bill should be more complex than the problem. and, you know, it's almost like the cure is worse than the disease. >> okay. >> we need to keep it relatively simple. the issues are within derivatives and too big to fail. we solve those issues and we're going to be just fine. hopefully congress will get it right. >> mr. weisel, very quickly because i've got breaking news to get to. what do you think? >> i just second what ron said. >> that was short and sweet. thank you both. congratulations on the deal. we'll have you back soon. >>> all right. let's get that breaking news right
probe and s&p equity research cut them to a sell and bank of america and merrill cut them to a neutral. take a look at what's going on with the big financials this week overall. again, this is outside, just knock on risk from some of these other companies that we had overall and we still haven't got regulatory reform through yet and we still don't know what is in that bill. that is another risk floating out there for all these companies. we need anything else? how about massey energy. again, reports down here big that there might be a federal criminal investigation regarding that mine explosion in west virginia. spills, investigations and reputational risk the story of the day. scott, we're down almost 2% on the nasdaq this week it looks like to me. so, nasdaq is not up this week along with the dow and s&p. >> technologies lagged, bob. certainly a drag today. down 13%. 13.5% and being dragged down by the three technology stocks. microsoft down 0.6% and apple is down better than 1%. else where in big cap and widely held technology and google is positive, but only a fraction. the stock t
the consumer. one of the things that's so different over the last couple weeks, new frugality in america. record tax refunds. you see the savings rate comes down three months in a row. maybe the consumer has joined the party. i think that would be a sentiment changer. >> richard, craig saying he's worried bonds are going to take money away from stocks because of high interest rates. at the same time, he says beware of bonds. he thinks they might be headed down. would you put more money into bonds now or less? >> right now i think bonds are fairly reasonably priced. however, if i were to pick one direction, i think i'd go to the buy side a little bit. >> the buy side meaning you'd buy more bonds. craig, if you are kind of ambivalent about the stocks and bonds, which way are you going with your money? >> i still like the commodity, commodity equity, commodity currency, dividend payers and corporate bonds. >> richard, you mentioned something interesting. that is the fact that the momentum hasn't really changed. and that as a result of that, you have to go with the flow of this market. what
has passed its toughest test. >> no longer a financial super market, now citi calls itself america's global bank. with more than 200 million clients in over 140 countries, with it's emerged on leveraging this footprint. on the retail side, this means narrowing its focus on the world's affluent population. >> a couple of years ago, citi was playing in a lot of different consumer sandboxes, which is included consumer finance, some of the lower end of the credit quality scale. now they're much more focused on kind of that higher image, which i think really fits kind of their business model better and is a more stable way to take advantage of that international platform. >> on the commercial side, citi believes its long history in developing economies like india and brazil makes it the go-to banker for corporate clients. this new citi is not only more focused, but slimmer. its retail brokerage operations smith barney now in a joint venture with morgan stanley prompted a split last year. citi held up to sell noncore@assets including its student loan portfolio and other consumer finance
heard that this morning from bank of america, discover regarding their march credit portfolio. financials, bank of america going to be reporting tomorrow and our parent company, general electric and also be reporting tomorrow. we'll put them in the financial group for the moment. the important thing here, both of them are on the upside ahead of the earnings. that's a good sign. a sign that earnings think traders are going to be pretty good. citigroup over $35 here. that's important, again. options exploration going on tomorrow. jpmorgan down just a little bit, but just off of the highs we saw. some of the big transportation stocks and positive comments from united parcel service and jb hunt and landstar all talking better shipments. finally, take a look at the s&p 500. you know one trader this morning said to me, this was like a tennis match back and forth and now it's just like an elevator, basically straight up. an ocean of cash coming into the market in the last few weeks. look at the s&p 500, up 15% since february 9th and just very few down days and not a lot when they're
interesting, you want the growth there is justified. is it? >> yeah. what you're finding here is in america, we're finding the dow jones industrial average and all the other indices up here are shooting up, because everyone is hoping earnings will grown. in asia, you're not hoping. earnings are actually there. gdp growth in 2011 is unquestionable. >> some people speculate there could be bubbles over there, and certainly the developing world has -- emerging markets have outpaced the developing worlds in terms of coming out of this malaise we've been in. what in fact happens if this is a bubble there. >> now moving from a credit-driven binge to the good, old-passed ways, which is toward expansion, supply-driven growth that is exporting related and fueled by savings. that's what you're finding. trades, surpluses, you've got even japan coming back with industrial growth of 31.3%. >> you're talking about a shift as well in the populations of these nations in terms of the rise of the middle class. is that what you're looking at? >> upwards and some commentators would say a billion new consumers,
. the tape destruction is the subject of a justice department investigation. >>> all across america yesterday people gathered to show their government they are fed up with the way things are going. tea party activists rallied. much of their anger is directed at president obama. yet at a fund-raiser in miami, mr. obama said he's amused by their effortses. >> we cut taxes for 95% of working americans just like i promised we would on the campaign. i've been a little amused over the past couple of days where people have been having these rallies about taxes, taxes. you would think they would be saying thank you. that's what you'd think. >> and now here's a look at some other stories making news early today in america. >>> a tennessee man has been charged with a dui after an officer pulled him over riding an unusual set of wheels. the cruiser's dash cam shows the man driving a lawn moyer. according to police, the man smelleded like alcohol and failed a sobriety test. >>> in virginia you could say one father wasn't setting the best example for his daughter. surveillance cameras in a grocery store s
portfolio with that in mind. >>> plus, it's america's most expensive home and it's up for sale for a whopping $150 million. we're going to take you for a tour. i can't wait. you're watching cnbc first in business worldwide. >>> a major setback for greece. europe says its deficits are much larger. euro versus the dollar. you can see, actually, 1.33 and euro off the bottom there. but a steep sloping decline. silvia has the fallout. silvia, what can you tell us? >> what we know is that greece has now finally applied for aid. how do we proceed now? they have to evaluate this request and then say whether they agree it's right or wrong. that's a foregone conclusion. next step, the 16-own member states will have to give their okay. let's hope that is a foregone conclusion and then we have to have a restructuring program on the table for the next two years which everybody thinks is putting greece on the right track and then we have a number of eu parliaments actually having to okay this program. you see where we're going to, this is not something that is going to happen overnight. and
did in the convention that there is no red america or blue america, there is just america. he said that we don't have to pult settle for stifling markets, and new regulations would make the markets work better. >> our system only works better and our markets are only free when there are basic safeguards that prevent abuse, check excesses, that insure that it is more profitable to play by the rules than to game the system. that is what the reforms we have been proposing are designed to achieve, no more, no less. >> reporter: well, maria, the president went on to ask those in attendance including some business executives to do it for their country and get behind and call off the lobbyists and get behind the financial reform push, and some are sympathetic. some we talked to afterwards said it would not kill the golden goose, but others have a different view, but maria, it is looking to move forward and the democrats and the republicans are getting closer to a compromise and the bill may hit the senate floor and get a procedural vote early next week. >> we want to get a reaction from a
is in the air. i've been a big supporter of the tea party contract with america. we'll talk about that, too, with one of its leaders. but first up, let's take a look at the v-shaped recovery numbers from today. are we going to put this up on the board? let's hit the first one, put it up, let's go. first one up, capital gains, durable goods. cap x, can we get that up on the screen? either the full screen or this screen? all right, there we go. durable goods numbers came out today. notice if i get this right the v-shaped recovery. in fact, total durable goods are now rising at, what, 10% from minus 30% not too long ago. this is a huge improvement. if we put the second chart up on the board, we will get the key core durable goods which is the cap x expenditures from businesses. can we get that on the screen? the other chart is not in yet. i'm sorry to report that. we have two other charts to put up here. the producer chart index chart from commodities and for goods. here's single family home sales. i don't really regard this as a v. all i'm saying is they picked up a lot in march. init's one o
and economies are bubbling all over that region. singapore a 13% rate and south america has promising areas, as well. i think that investors have plenty of places to look. >> so do you think then, gary f we continue that thought the fed might be overreacting so reluctant to move because of europe? >> great point. >> that's a tough call. overreacting or not, i think that they are encouraged to stay very accommodative for the rest of this year. i don't see the fed changing that very much and i think consequently the environment for equities particularly in the more promising economies is very strong and i think particularly the financial sector and the interest rate curb and the yield curb is very positive and i think that will support a lot of the financials around the world. >> all right, free money forever, at least in the short run. great for stocks, thank you very much, gentlemen. >>> still ahead here on "the call." the amount of oil gushing into the gulf of mexico may be much bigger than originally thought, five times as big. we're going to head to new orleans for the latest and get a s
looking for. they were up. once again, it seems that is here in north america, we're not drinking the soft drinks, as much. shares are getting hit just a bit. revenues fell shy at $7.5 billion. what's interesting is to see where the sales come from. the world sales, the volume was up 3% and latin america was up 4% and the pacific rim 5%, but take a look at eurasia and africa, emerging markets, 20% to the upside and india up 18% in turkey. here in north america, volumes are down 2%. i don't know if it has anything to do with the fact that one of our friend sworn off diet coke and some of the other noncarbonated sales are doing a little bit better. the ceo says the economic recovery is going to be moderate and consumers not completely out of crisis mode. >> still very cautious. >> they're not necessarily -- >> but strong global. >> strong global. that's where we're seeing it in the emerging markets. johnson & johnson also seeing strong sales globally. they saw their revenues were up about 4%. when you traake out the currenc it's up year over year. cutting their earnings outlook and they say
look at strategic financials and stay away from some of to banks. when you look at bank of america, and jpmorgans and even goldman sachs right now, i think that they may be, the right opportunity to put some money into those areas. >> well, let me ask you about, that because the fear is of course that it may not be just goldman who is going to be hit with this, but you could have other institutions as well, and consequently, they are all trading off. you see this though as a buying opportunity? explain? >> well, no question, trish. this is a company one quarter ago reported $9.5 billion in net revenue and now earnings coming out tuesday and no question that goldman should report in the eight-digit range. so if i were a buyer and looking at the recent history right now and the stocks in the quarterly earning patterns, i am saying that goldman is a great opportunity if they can be wiped out on the earning numbers. >> it is bob pisani, and i want to know about the whole fear factor in the market, because outside of financials and the material stocks and commodities down, this is not a
being america -- will not have a spaceship to fly after the shuttle is retired later this year, early next for who knows, many years. christi christina. >> >> thanks so much. >>> well, with the catholic church engulfed the scandal over countless claims of sexual abuse, a prominent cardinal steered away from tradition during easter sunday mass in st. peter's square yesterday to deliver public support for the pope. the surprise peach by cardinal ange angelo cedana was the first time in recent memory that a ritual was changed so someone could address the pope at the start. cedano who is the dean of cardinal of pontiffs said, quote, on your side are the people of god and dismissed the claims of abuse as quote petty gossip. the pope, however, did not address the topic of abuse in any of his easter appearances. >>> quite simply, rescuers in china are calling it a miracle. at least 114 miners have been pulled to safety this morning after spending more than a week in a flood coal mine in northern china. the mine was flooded about eight days ago after a rush of undergroundwater trap 153 miner.
for america and the rest of the european union and the rest of the world. until we get back -- it's a problem. >> what happens if that does happen because that is a key test for the euro or is it not a key test for the euro? >> it certainly is because they put together 16 countries and they made up a rule that your fiscal deficit has to be 3% of gdp and they, all the countries have shattered that on average now. so, we're going to continue to see tests of the euro zone. i don't think the euro and the zuro zone will fall apart, but i think the euro will trade lower -- >> you say short the euro. >> it's already at a new low. >> it's going to continue to go lower. >> a rule with no punishment. you go to the club and the rules in the club is you wear a jacket, you get thrown out if you don't wear a jacket. not in the euro zone, if you don't come with a jacket, come on in, we'll stitch you up in a jacket. >> greece is wearing a bathing suit in the club. >> and prices are telling you where it's going. price proceeds fundamentals. >>> let's get to the market action bertha coombs is kicking it off at
that the rest of america plays, not new rules as they go along, but the same rules that all of us play by. you destroy the jobs, help us create 11 million jobs. they should help pay for it. >> i understand that you're making a point and you want to make a clear line in the sand here, but isn't it fair, or at least would you acknowledge that it was more than just bankers that caused the problem in america, right? a lot of big union-run and union dealt with institutions like the car companies also failed, and that wasn't just the fault of wall street, was it? >> a lot of them didn't fail. >> right? and some of them did and received more bailout money than any individual bank. >> any manufacturing took our economy to the brink of disaster. this did. wall street did. and they haven't learned the lesson. if you look at gm, they've paid the money back, they're getting great cars, they're getting market share, they're creating jobs. these guys took $13 trillion worth of assets away from average americans and they haven't learned the lesson. they're back to the same old stuff. that's why we need wall
of scrap metal overseas. and of course, what are they using it for? well, in fact america's largest export on a volume basis is waste. whether it be waste metals, plastic or paper. and it's being shipped there to be reprocessed into goods, to be re-exported to the united states in the form of toys or appliances. what ever. what about paper, glass and aluminum. what do you think is going on with those prices? are they at all valuable today and why? absolutely, all commodities are valuable today. it really is again because of the strong demand in asia. and you will find that whether it be from agricultural commodities or in base metals. have you noticed any changes in the amount that people are actually recycling these days versus maybe before the recession started? well i would say that when the recession happened, the amount being recycled dropped dramatically. now as prices pick up, then more is recycled. because value can cover the cost of recycling. and people are being paid for their glass and aluminum and plastic? absolutely. and on average any idea how much we can get for those items
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